Business, 28.06.2021 16:00, hamilclips6805

Recording purchases, purchases returns, and purchases allowances LO P1Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.3 Paid $220 cash for shipping charges on the April 2 purchase.4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750.17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.18 Purchased $7,700 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.21 After negotiations, received from Frist a $500 allowance toward the $7,700 owed on the April 18 purchase.28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 2 3 4 6 Purchased $3,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits Date General Journal Debit Credit Apr 02 Record entry Clear entry View general journal

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 19:30, baseball1525

Why does the united states government provide tax breaks related to the amount of money companies spend on research and development? a. to provide incentives for companies to conduct research and development to allow antitrust authorities b. to challenge joint research efforts c. to protect the right of inventors d. to produce and sell their inventions e. to involve less government scrutiny than a government funded project

Answers: 1

continue

Business, 21.06.2019 20:20, alkaline27

Jing-sheng facilitated a hiring committee for his advertising company. six employees (including two managers) met together to discuss applicants and select the finalists for a copywriter position in the public relations department. although the head of public relations would have the final nod on the candidate that would ultimately be hired, the evaluative work of the committee was very important because this group would send forward those persons they believed would be good work colleagues. in setting up this type of hiring process, the head of public relations was utilizing a(n) style of leadership. a. autocraticb. free-reinc. contingentd. participative

Answers: 3

continue

Business, 21.06.2019 22:30, jazzy2971

Match the vocabulary word to the correct definition. 1. sexual harassment 2. terminate 3. recruitment 4. professional development 5. union a. any unwanted sexual attention, the suggestions that maintaining one’s job or professional advancement depends on sexual favors, or verbal and/or physical harassment of a sexual nature b. to fire from a job or end a professional relationship c. an organization of those in the same industry who join together to more effectively bargain with employers d. the process of attracting and hiring employees e. continuing education in a chosen field

Answers: 1

continue

Business, 21.06.2019 23:00, liluv5062

The impact fiscal multiplier is a. usually estimated to have an average value of 2. b. usually estimated to have an average value of 0. c. the actual immediate multiplier effect of a fiscal policy action after taking into consideration direct fiscal offsets and other short-term crowding out of private spending. d. the multiplier effect of a fiscal policy action that applies to a long-run period after all influences on equilibrium real gdp have been taken into account.

Answers: 3

continue

Do you know the correct answer?

Recording purchases, purchases returns, and purchases allowances LO P1Prepare journal entries to rec...